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Describe business marketing
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The marketing of goods and services to individuals and organizations for purposes other than personal consumption
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ch 7
marketing
| Question | Answer |
|---|---|
| Describe business marketing | Business marketing provides goods and services that are bought for use in business rather than for personal consumption. Intended use, not physical characteristics, distinguishes a business product form a consumer product. |
| The marketing of goods and services to individuals and organizations for purposes other than personal consumption | Business marketing(industrial business-to-business, B-to-B or B2B marketing |
| A product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers | Business product (industrial product) |
| A product bought to satisfy an individual's personal wants or needs | Consumer product |
| The use of the internet to facilitate the exchange of goods, service, and information between organizations. | B-to-B E-commerce |
| A measure of a Web site's effectiveness: calculated by multiplying the frequency of visits by the duration of a visit by the number of pages viewed during each visit (site reach) | Stickiness |
| Discuss the role of relation ship marketing in Business marketing. | Relationship marketing entails seeking and establishing long-term alliances or partnerships with customers. |
| Discuss the role of Strategic alliances in business marketing. | A strategic alliance is a cooperative agreement between business firms |
| A cooperative agreement between business firms | Strategic alliance |
| A firm's belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely | Relationship Commitment or marketing |
| The condition that exists when one party has confidence in an exchange partner's reliability and integrity | Trust |
| A network of interlocking corporate affiliates | Keiretsu |
| Identify the four major categories of business market customers. | Producers, resellers, governments, and institutions. |
| Individuals and organization that buy business goods and incorporate them into the product they produce for eventual sale to other producers or to consumers | Original Equipment Manufacturers (OEMs) |
| NAICS stand for | North American Industry Classification System |
| Explain the North American Industry Classification System NAICS | Provides a way to identify, analyze, segment, and target business and government markets. Organizations can be identified and compared by a numeric code indicating business sector, subsector, industry group, industry, and industry subdivisions |
| Detailed numbering system developed by the United States, Canada, and Mexico to classify north American business establishments by their main production processes. | NAICS |
| Explain the Business Market | Demand is derived, inelastic, joint, and fluctuating. Purchase volume is much larger than in consumer markets, customers are fewer and more georgraphically concentrated, and distribution channels are more direct. personal contact more |
| Explain consumer markets | Buying is approached more formally using professional purchasing agents, more people are involved in the buying process, negotiation is more complex, and reciprocity and leasing are more common. advertising more |
| The demand for business products | Derived demand |
| The demand for two or more items used together in a final prodct | joint demand |
| Phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product. | Multiplier effect (accelerator pronicple) |
| An electronic trading floor that provides companies with integrated linksto their customers and suppliers | b-to-b online exchange |
| A practice whereby business purchasers choose to buy form their own customers | Reciprocity |
| Capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings. | Major equipment (installations) |
| Good, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment. | Accessory equipment |
| Unprocessed extractive or agricultural products, suc as mineral ore, lumber wheat, corn, fruits, vegetables, and fish | Raw materials |
| Either finished items ready for assembly or products that neeed very little processing before becoming part of some other product | component parts |
| products used directly in manufacturing other pro |
Created by:
john.ovalles1
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